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American billionaires have earned so much money during the pandemic that they could fund two-thirds of President Joe Biden’s COVID-19 relief package using profits generated in the last year, a report shows.
The combined fortune of American billionaires rose around $1.3 trillion, or 44%, from March 2020 to March 2021, Americans for Tax Fairness (ATF) and the Institute for Policy Studies (IPS) said.
This increase is equivalent to two-thirds of the $1.9 trillion cost of Biden’s pandemic rescue plan, which he signed into law Thursday.
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